The amount of money the government have to pay out in state pensions is set to significantly increase as people in the UK live longer.
Increased life expectancy will push the number of pensioners in the UK up to 16 million by 2050, which could cost the government £49 billion to cover.
The government currently pays out £57 billion in pension payments each year, meaning that 12 million pensioners can each receive the basic state pension of £4,732.